Daily Briefing: OCBC profit slumps 15%; Commercial property market to plummet further

And here’s why Singapore’s industrial production fell.

Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender, reported a 15 percent decline in quarterly profit as loans contracted and income from its insurance unit slumped. Net income fell to S$885 million ($654 million) in the three months to June from S$1.05 billion a year earlier, the Singapore-based bank reported Thursday. Read more here.

Singapore’s commercial property market is in mid-downturn, or is yet to hit rock bottom before rebounding, said Royal Institution of Chartered Surveyors (RICS) in a report. Majority or 78 percent of RICS contributors to its Q2 2016 Global Cities Commercial Property Monitor believe that the market is set to plummet further, with rents expected to contract further in the next 12 months.Find out more here.

Singapore’s industrial production fell on an annual basis by 0.3% in June—compared to a rise of 0.8% in the previous month and against expectations of a decline of 0.2%. The fall was primarily driven by a decrease in the output of major industries including general manufacturing, chemical, biomedical, and transport engineering. Read more here.